AUTO THIRD PARTY PLUS INSURANCE SCHEDULE OF BENEFITS (SUMMARY OF THE VARIOUS OPTIONS)
| COVERAGE BENEFITS | PRIVATE MOTOR- Insured Under the Policy (DIAMOND) OPTION 1 – N60,000.00 PREMIUM | PRIVATE MOTOR- Insured Under the Policy (GOLD) OPTION 2 – 45K PREMIUM | Own Damage Excess – N15,000 flat. Third Party Excess – N10,000.00 excluding bodily injury or death.) |
| Premium | N60,000.00 | N45,000.00 | N3 million |
| Third-party property damage limit | N3 million | N3 million | PRIVATE MOTOR- Insured Under The Policy (SILVER) OPTION 3 – 30K PREMIUM |
| N10,000 flat (excluding bodily injury or death claim) | Unlimited | Unlimited | Unlimited |
| To a limit of N1,000,000.00. | N10,000 flat(excluding bodily injury or death claim) | To a limit of R$ 1.000.000,00. | To a limit of N500,000.00. |
| Accidental – Own Damage and Windshield Damage to Insured Vehicle | To a limit of N50,000.00. | To a limit of N750,000.00 | To a limit of N500,000.00 |
| Own Damage Excess – N20,000 flat. Third Party Excess – N10,000.00 excluding bodily injury or death.) | Combined limit of N100,000.00 | To a limit of N750,000.00. | Combined limit of N50,000.00 |
| Fire Peril, external explosion, self-ignition, or lightning and other related | Legal fees & Expenses arising from the incidente | To a limit of N100,000.00. | To a limit of N50,000.00 |
| To a limit of N75,000.00. | N25,000.00 (intracity), N40,000.00 (intercity) | N20,000.00 (intracity), N30,000.00 (intercity) | N15,000.00 (intracity), N20,000.00 (intercity) |
| To a limit of N300,000.00. | To a limit of N400,000.00. | To a limit of N400,000.00 | To a limit of N300,000.00 |
| Flood Peril (Excluding Malicious Damage) | To a limit of N300,000.00. | To a limit of N500,000.00. | Covered up to the limit of liability (N500,000.00) |
| Theft | Covered up to the limit of liability (N1,000,000.00) | Covered up to the limit of liability (N750,000.00) | Covered up to the limit of liability (N500,000.00) |
| Total Loss | Covered up to the limit of liability (N1,000,000.00) | To a limit of N400,000.00. | Covered up to the limit of liability(N500,000.00) |
About Us
Mission
To create the most compelling customer experience by offering best-fit products to drive wholesome peace of mind, through a dynamic, highly motivated workforce and innovative technology.
Vision
To be the dominant insurer in Sub-Saharan Africa, built on deep understanding of customer needs and world-class digital experience.
Core Values
- • Service Excellence
- • Trust
- • Team Spirit
- • Entrepreneurship
- • Professionalism
MD/CEO’s Statement
“…we have remained dedicated to developing our people, strengthening our operational efficiency, and building trusting relationships with our clients and partners.”
AIICO Insurance Plc aims to be the leading provider of financial services that cater to both individual customers and organizations. Our expertise in the Nigerian Insurance industry is a testament of our commitment to great service and a culture that thrives on innovation and passion.
We aspire to create consistent value for our customers and stakeholders and will continue to improve on key indices such as prompt claims payment, proactive risk management and competitive pricing.
Babatunde Fajemirokun
Managing Director/CEO
🚗 Auto Insurance
What is Auto Insurance?
Auto Insurance is the most common of all the known classes of insurance. It is designed to protect the insured from loss or damage to their vehicle.
Coverage & Flexibility
AIICO Auto Insurance is designed with flexibility to suit your budget while providing comprehensive coverage for:
- Accidental Damage
- Theft
- Third Party Property Damage
- Bodily Injury & Death
- Medical Expenses
- Towing Limits
Choose What Works for You
Whether you need comprehensive coverage for full protection or basic coverage to manage costs, AIICO has a plan tailored to your driving needs and budget.
Table of
Benefit
(Comprehensive)
| Private Auto | Comprehensive Plan |
|---|---|
| Rate | 5% |
| Theft | ✔️ |
| Fire Damage | ✔️ |
| Own Accidental damage | ✔️ |
| 3rd Party Property Damage | ✔️ |
| 3rd Party Bodily Injury | ₦3 Million |
| Cover at No Extra Cost | |
| Medical Refund | Up to ₦100,000.00 |
| Loss of Personal Effects | ₦20,000.00 |
| Authorized Repair Limit | 2.5% of Value |
| Refund for Hired Vehicle after an accident or Theft | ❌ |
| Excess Buy Back | ✔️ |
| Towing Limit | Up to ₦30,000.00 |
| Tracking Installation | Free for Sum Insured of ₦6m and above |
| Loss of Car Accessories when the vehicle is stolen | ✔️ |
| Top-up Covers at Extra Cost | |
| Riot, Strike & Civil Commotion | ✔️ Free |
| Flood Extension | 0.5% of Value |
Enhanced 3rd Party Cover
60,000.00
45,000.00
30,000.00
| S/No. | Benefit | Diamond | Gold | Silver |
|---|---|---|---|---|
| 1 | Premium | ₦60,000.00 | ₦45,000.00 | ₦30,000.00 |
| 2 | Third party property damage limit | ₦3 million | ||
| 3 | Third party Bodily injury & Death | Unlimited | ||
| 4 | Policy Excess on Own Damage/Third Party | ₦10,000 flat (excluding bodily injury or death claim) | Own Damage Excess – ₦15,000 flat Third Party Excess – ₦10,000.00 (excluding bodily injury or death.) |
Own Damage Excess – ₦20,000 flat Third Party Excess – ₦10,000.00 (excluding bodily injury or death.) |
| 5 | Accidental – Own Damage and Windshield Damage to Insured Vehicle | To a limit of ₦1,000,000.00 | To a limit of ₦750,000.00 | To a limit of ₦500,000.00 |
| 6 | Emergency Medical Expenses | Combined limit of ₦100,000.00 | Combined limit of ₦75,000.00 | Combined limit of ₦50,000.00 |
| 7 | Legal fees & Expenses | To a limit of ₦100,000.00 | To a limit of ₦75,000.00 | To a limit of ₦50,000.00 |
| 8 | Towing of Vehicle (Insured Vehicle only) | ₦25,000.00 (intracity), ₦40,000.00 (intercity) | ₦20,000.00 (intracity), ₦30,000.00 (intercity) | ₦15,000.00 (intracity), ₦20,000.00 (intercity) |
| 9 | Fire Peril, external explosion, lightning, etc. | To a limit of ₦500,000.00 | To a limit of ₦400,000.00 | To a limit of ₦300,000.00 |
| 10 | Flood Peril (Excluding Malicious Damage) | To a limit of ₦500,000.00 | To a limit of ₦400,000.00 | To a limit of ₦300,000.00 |
| 11 | Theft | Covered up to limit of liability (₦1,000,000.00) | Covered up to limit of liability (₦750,000.00) | Covered up to limit of liability (₦500,000.00) |
| 12 | Total Loss | Covered up to limit of liability (₦1,000,000.00) | Covered up to limit of liability (₦750,000.00) | Covered up to limit of liability (₦500,000.00) |
Third Party only, covers only death and accidental bodily injury to third parties (persons) or properties.
↓
Our covers can be extended to other West African countries subject to additional premium.
| S/N | CLASS | TYPES | NEW TPPD LIMIT | NEW PREMIUM |
|---|---|---|---|---|
| 1 | PRIVATE | PRIVATE MOTOR | 3,000,000 | 15,000 |
| 2 | COMMERCIAL | OWN GOODS | 5,000,000 | 20,000 |
| 3 | STAFF BUS | 3,000,000 | 20,000 | |
| 4 | TRUCKS | 5,000,000 | 100,000 | |
| 5 | SPECIAL TYRE | 3,000,000 | 20,000 |
Underwriting Process
completed forms and
documents
to an AIICO Insurance
Plc account only and
share the E.O.P
and our team visits
you for a pre-loss
survey
Our Strength
Total Assets
₦318bn
December 2023
Gross Written Premium
₦110bn
December 2023
Shareholder Base
90,000+
Well balanced and diverse
Employees
600+
In our various locations across
Strong Actuarial Team
10+
Supported by three qualified Actuaries
Large Agency Network
80+
Agency offices across the nation
Claims & Benefits Profile
Value Proposition
Our Pride
Claim Processing
We are committed to prompt claims settlement of 48hrs upon receipt of executed discharged voucher.
The claim processing can be broadly summarized in 3 levels:
- Notification
- Processing
- Settlement
The following documents are expected upon claim incidence
- Estimate of repairs
- Pictures of damage car showing Reg. Number
- Filled Claims Form
After filling the form, kindly click here to download the AIICO AUTO THIRD PARTY DOCUMENT. Fill and send it back to us via the WhatsApp live chat on this website.